CVS Group plc earnings date
CVS Group plc (4C9) Q4 2026 Earnings Report
DE:4C9 Q4 2026 EPS Results
- Actual EPS
- EUR 0.16
- Consensus EPS
- EUR 0.56
- Beat/Miss
- Missed by -EUR 0.39
- One Year Ago EPS
- EUR 0.48
DE:4C9 Q4 2026 Revenue Results
- Actual Revenue
- EUR 426.49M
- Expected Revenue
- EUR 432.12M
- Beat/Miss
- Missed by -EUR 5.63M
- YoY Revenue Growth
- +7.39%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 09/24/2026
- Time
- Before Open
- Conference Call
- Thursday, September 24, 2026
CVS Group plc's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
The call was predominantly positive. CVS delivered revenue, EBITDA, and EPS growth, maintained margins despite inflation, reported a solid start to fiscal 2027, expanded in Australia, returned to U.K. acquisitions, and cited improving veterinary availability, customer metrics, and operating initiatives. The main challenges were softer U.K. consumer conditions, weather-related disruption, routine preventative footfall pressure, ongoing cost inflation, a slight decline in Healthy Pet Club volumes, and prior Animed margin erosion. Highlights significantly outweighed the lowlights.
For FY27, CVS Group said it had a solid start, with August performance back in line with the first half of last year and like-for-like growth of 3% to 4%; it expects to perform in line with market consensus. It expects RDEC income to be similar -- slightly less but similar, actually in the region of GBP 15 million, with GBP 15 million-ish in '27, and expects the provision to reduce further next year. CVS is very confident in its ability to get back to the 4% to 8% range, although it cannot put a date to when it will get back to that 4% level; it expects further growth in labs this year, although last year’s 25% growth is probably more challenging to repeat. The GBP 50 million acquisition allocation will be well spent, and CVS may spend more than GBP 50 million if it has the capital, while 2x remains its stated ceiling for leverage but it may temporarily go above 2x for accretive opportunities; its minimum hurdle rate remains 10% returns.
- Revenue Growth Across All DivisionsFull-year revenue increased by 5.9% to GBP 712.8 million, with all 3 divisions driving growth and improved like-for-like revenue growth versus the prior year.
- Adjusted EBITDA and Margin ResilienceAdjusted EBITDA increased by 5.1% to GBP 141.5 million, while margins were maintained despite continued inflationary pressures during the financial year.
- Adjusted EPS GrowthAdjusted earnings per share increased by 6.9% to 85.6p, benefiting from improved financial performance and a reduction in the average number of shares following the share buyback program.
- Expansion in Australia and Return to U.K. AcquisitionsCVS completed 6 acquisitions comprising 14 sites in Australia for GBP 43.3 million during the financial year. In the new financial year, it completed a further 2 Australian acquisitions, signed contracts for 2 additional Australian acquisitions, and exchanged contracts for its first U.K. acquisition for some time.
- Positive Start to Fiscal 2027Management reported a solid start to the new financial year and expects to perform in line with market consensus. August performance returned to the level seen in the first half of the prior year, with like-for-like growth of approximately 3% to 4%.
- Stable RDEC IncomeRDEC recognition was GBP 15.1 million for the prior year and GBP 15.7 million for the current year. Management expects further RDEC income of approximately GBP 15 million in fiscal 2027, describing the run rate as consistent.
- Further RDEC Provision Release ExpectedManagement said it takes a prudent approach to RDEC claims and expects the provision to reduce further next year as confidence increases that the money will be received from HMRC.
- Greater CMA CertaintyManagement said the conclusion of the CMA process provides certainty and clarity on how the remedies will be implemented, with a number of remedies implemented and others in hand.
- Client Engagement and Marketing InitiativeCVS is appointing a Chief Client Officer to focus on central marketing, CRM activity, improving the client journey, driving client footfall, and improving client service across the business.
- Accretive Acquisition Opportunities and Capital FlexibilityManagement described the signed U.K. acquisition as a very good quality practice over 2 sites and said its multiple is accretive to the group in terms of value. CVS expects the GBP 50 million acquisition allocation to be well spent, remains keen on Australia, and may spend more than GBP 50 million if it has the capital to do so and identifies suitable opportunities.
- Maintained Acquisition Return HurdleThe company confirmed that its minimum hurdle rate remains 10% returns, with no changes to its investment return expectations or capital allocation framework.
- Like-for-Like Growth Building BlocksManagement expects pricing, stabilizing volumes, and continued treatment of clients when they bring in sick or injured pets to contribute to like-for-like growth. It remains confident in returning to its medium-term 4% to 8% like-for-like growth range, although it cannot specify when the 4% level will be reached.
- Pricing and Average Transaction Value ProgressCVS increased prices in the summer, with price increases slightly above levels seen in recent years. It also reported good growth in average transaction values over recent years, reflecting enhanced care capabilities and investment in facilities, technology, clinical capability, and people.
- Improved Veterinary Labor AvailabilityManagement reported an improvement in the availability of vets across the profession and a consistent reduction in CVS's vet vacancy rates, supported by efforts to retain vets and provide strong working environments.
- Strong Laboratory PerformanceThe laboratory business delivered 25% EBITDA growth last year, supported by growth in case volumes from CVS practices and third-party practices and higher average transaction values. Management expects further growth in laboratories this year, although it said repeating last year's percentage growth will be more challenging.
- Animed Digital and Customer Experience ImprovementsAnimed re-platformed its website and introduced online payment or pay-as-you-go functionality, Subscribe & Go, Apple Pay, Google Pay, and next-day delivery. Management reported good development of the website and improvements in customer experience, with revenue growth and a return to EBITDA growth in the second half of the prior year.
- Healthy Pet Club Advanced Take-UpHealthy Pet Club Advanced, launched on July 1, has seen good growth and strong take-up from both new clients and existing clients upgrading from the Core offering. Management said the scheme has been popular in trials and across the wider business.
- Improving Client and Employee AdvocacyCVS reported further improvement in client NPS and employee NPS across the group. Management said client feedback was good in both the U.K. and Australia and emphasized that the improving employee NPS trend was encouraging.
- Strong Australian Acquisition PerformanceAcquired Australian practices have performed slightly ahead of expectations at acquisition. Management attributed this to selective acquisition of high-quality practices, engaged veterinary teams, support from CVS, and a stronger economic backdrop in Australia than in the U.K.
DE:4C9 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2027 (Q2) | 0.59- | 0.48 | ― | ― |
| Sep 24, 2026 | 2026 (Q4) | 0.560.16 | 0.48 | -66.33% (-0.32) | |
| Feb 26, 2026 | 2026 (Q2) | 0.520.48 | 0.48 | 0.50% (+0.00) | |
| Oct 07, 2025 | 2025 (Q4) | 0.490.48 | 0.1 | 371.76% (+0.38) | |
| Feb 27, 2025 | 2025 (Q2) | 0.490.48 | 0.53 | -9.91% (-0.05) | |
| Sep 26, 2024 | 2024 (Q4) | 0.510.10 | 0.35 | -70.89% (-0.25) | |
| Feb 29, 2024 | 2024 (Q2) | 0.560.53 | 0.54 | -1.77% (-0.01) | |
| Sep 21, 2023 | 2023 (Q4) | ―0.35 | 0.14 | 153.91% (+0.21) | |
| Feb 24, 2023 | 2023 (Q2) | ―0.54 | 0.49 | 9.98% (+0.05) | |
| Sep 22, 2022 | 2022 (Q4) | ―0.14 | 0.5 | -72.62% (-0.37) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
